Toronto Stocks Unchanged, BlackBerry Falls on Cybersecurity, IoT Headwinds

By Adriano Marchese

Toronto stocks were virtually unchanged.

Sector performance was mixed Friday. Gains primarily in energy, consumer discretionary and process industry stocks were offset largely by materials stocks. Health tech and tech services stocks were also laggards, but by a smaller degree.

On the macroeconomic front, Canadian economic output picked up in July, buoyed by retail sales and ongoing strength in the public sector. However, this was likely short-lived as weakness in manufacturing and transportation look to have weighed on output in August.

Canada's S&P/TSX Composite Index was unchanged at 24032.35, but still above the 24000 mark which it hit for the first time on Thursday. The blue-chip S&P/TSX 60 edged up by 0.1% to 1441.27.

BlackBerry shares pulled back by 7.1% to 3.21 Canadian dollars ($2.38) after reporting challenges at its cybersecurity segment and delays at its Internet-of-Things business. These headwinds overshadowed better news from the second quarter where the Waterloo, Ontario, security-software company increased its full-year outlook after narrowing its loss and posting higher revenue.

Other market movers:

Primo Water shares rose in Toronto by 3.8% to C$33.96 after it received its final regulatory approval in Canada needed to combine with an affiliate of beverage company BlueTriton Brands. Analysts say this was a significant concern for investors since the deal was first announced in June.

Shares of Payfare crashed, falling 73% to C$2.27, after it said late Thursday it is withdrawing guidance for the year after failing to secure a renewal of its contract with DoorDash.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 27, 2024 12:29 ET (16:29 GMT)

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